A123Systems seeks $1.84 billion in federal loans
A123Systems, a Watertown company that develops and manufactures lithium-ion batteries and battery systems, said it is seeking $1.84 billion in federal loans.
The application to the US Department of Energy's Advanced Technology Vehicles Manufacturing Incentive Program seeks $1.84 billion in direct loans to support the construction of new world-class lithium ion battery manufacturing facilities in the United States, with the first construction location in southeast Michigan, the company said in a press release.
The press release's secondary headline on the company website: "Planned $2.3 billion facilities will support aggressive expansion plan to deliver energy storage systems to A123's multiple OEM customers in the electric and hybrid vehicle market."
A spokesman for the company said that A123Systems could not comment beyond its press release because it is in quiet period related to its plan to move forward with an initial public stock offering.
According to A123Systems' website, the company disclosed plans for an IPO in August.
To read the press release that the company issued today, please click here, then choose release titled, "A123Systems Announces Plan to Build U.S.-based Lithium Ion Battery Mass Production Facilities."
To read a Globe story on A123Systems from last year, please click here.
(By Chris Reidy, Globe staff)